SHUI On Land Ltd plans to develop a 10 billion yuan (US$1.29 billion) property and tourism project in the city of Dali in the southwestern Yunnan Province, the Hong Kong Standard reported, citing Dali Mayor Duan Li.

The company entered into an agreement with Dali's municipal government for the proposed development, the Hong Kong-based, English-language newspaper said.

The project will take up 15 square kilometers of land, the Standard reported. Shui On, a Hong Kong-listed developer based in Shanghai, plans to double its land bank in China over the next three years, Chairman Vincent Lo said on September 10.